News Release: U.S. International Trade in Goods and Services

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United States Department of
COMMERCE NEWS
Washington, D.C. 20230
ECONOMICS
AND
STATISTICS
ADMINISTRATION
------------
U.S. Census Bureau
Bureau of Economic Analysis
This release contains sensitive economic
data not to be released before
8:30 a.m. Friday,
October 10, 2003
CB-03-161 Press Copy
BEA-03-40
FT-900 (03-08)
For information on goods contact:
U.S. Census Bureau:
Haydn R. Mearkle (301) 763-2246
Nick Orsini (301) 763-2311
For information on services contact:
Bureau of Economic Analysis:
Technical: Christopher Bach (202) 606-9545
Media: Larry Moran (202) 606-2649
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
August 2003
Goods and Services
The U.S. Census Bureau and the Bureau of Economic Analysis, through the
Department of Commerce, announced today that total August exports of $83.7
billion and imports of $122.9 billion resulted in a goods and services deficit
of $39.2 billion, $0.8 billion less than the $40.0 billion in July, revised.
August exports were $2.3 billion less than July exports of $86.0 billion.
August imports were $3.1 billion less than July imports of $126.0 billion.
In August, the goods deficit decreased $0.5 billion from July to $44.5 billion,
and the services surplus increased $0.3 billion to $5.3 billion. Exports of
goods decreased $2.6 billion to $57.8 billion, and imports of goods decreased
$3.1 billion to $102.2 billion. Exports of services increased to $25.9 billion
from $25.7 billion, and imports of services were virtually unchanged at $20.7
billion.
In August, the goods and services deficit was up $3.0 billion from August 2002.
Exports were up $1.1 billion, or 1.4 percent, and imports were up $4.1 billion,
or 3.4 percent.
Goods
The July to August change in exports of goods reflected decreases in capital
goods ($0.8 billion); industrial supplies and materials ($0.8 billion); automotive
vehicles, parts, and engines ($0.7 billion); foods, feeds, and beverages
($0.3 billion); and consumer goods ($0.1 billion). An increase occurred in other
goods ($0.2 billion).
The July to August change in imports of goods reflected decreases in automotive
vehicles, parts, and engines ($2.3 billion); capital goods ($0.5 billion); other
goods ($0.2 billion); and consumer goods ($0.2 billion). Foods, feeds, and
beverages and industrial supplies and materials were virtually unchanged.
The August 2002 to August 2003 change in exports of goods reflected decreases in
capital goods ($0.8 billion) and automotive vehicles, parts, and engines
($0.7 billion). Increases occurred in industrial supplies and materials
($0.7 billion); consumer goods ($0.4 billion); and foods, feeds, and beverages
($0.2 billion). Other goods were virtually unchanged.
The August 2002 to August 2003 change in imports of goods reflected increases in
industrial supplies and materials ($3.2 billion); consumer goods ($0.4 billion);
foods, feeds, and beverages ($0.3 billion); and capital goods ($0.2 billion).
Decreases occurred in automotive vehicles, parts, and engines ($1.8 billion) and
other goods ($0.2 billion).
Services
Services exports increased $0.3 billion from July to August. The increase was
mostly accounted for by increases in other private services (which includes items
such as business, professional, and technical services, insurance services, and
financial services) and transfers under U.S. military sales contracts. Changes
in the other categories of services exports were small.
Services imports were virtually unchanged from July to August. Increases in
travel and passenger fares were nearly offset by a decrease in other transportation
(which includes freight and ports services). Changes in the other categories of
services imports were small.
From August 2002 to August 2003, services exports increased $1.2 billion. The
largest increase was in other private services ($1.0 billion), which includes
items such as business, professional, and technical services, insurance services,
and financial services.
From August 2002 to August 2003, services imports increased $1.8 billion. The
largest increases were in other private services ($0.6 billion), other transportation
($0.4 billion), direct defense expenditures ($0.3 billion), passenger fares
($0.3 billion), and travel ($0.3 billion).
Goods and Services Moving Average
For the three months ending in August, exports of goods and services averaged
$84.7 billion, while imports of goods and services averaged $124.5 billion,
resulting in an average trade deficit of $39.8 billion. For the three months
ending in July, the average trade deficit was $40.6 billion, reflecting average
exports of $84.3 billion and average imports of $124.9 billion.
Selected Not Seasonally Adjusted Goods Details
The August figures showed surpluses, in billions of dollars, with Singapore
$0.8 (for July $0.4), Australia $0.5 ($0.8), Hong Kong $0.3 ($0.2), and Egypt
$0.2 ($0.1). Deficits were recorded, in billions of dollars, with China $11.7
($11.3), Western Europe $6.9 ($11.2), Japan $4.8 ($5.9), Canada $4.7 ($5.0),
OPEC $4.1 ($4.5), Mexico $3.4 ($3.2), Taiwan $1.2 ($1.1), Korea $0.9 ($1.3),
and Brazil $0.6 ($0.7).
Advanced technology products (ATP) exports were $14.5 billion in August and
imports were $16.2 billion, resulting in a deficit of $1.7 billion. August
exports were $0.2 billion less than the $14.6 billion in July, while imports
were $1.4 billion less than the $17.6 billion in July.
Revisions
Goods carry-over in August was $0.3 billion (0.4 percent) for exports and $0.7
billion (0.7 percent) for imports. For July, revised export carry-over was $0.1
billion (0.2 percent), revised down from $0.3 billion (0.6 percent). For July,
revised import carry-over was $0.2 billion (0.2 percent), revised down from
$1.3 billion (1.2 percent).
Services exports for July were virtually unrevised at $25.7 billion. Services
imports for July were also virtually unrevised at $20.7 billion.